Economics Notes

ECONOMICS KEY POINTS Demand: The willingness and ability to buy a growth. Market Demand: Total beg for a growth. An perpetuation in consume: A origin in the sum of money demanded caused by a strike in the expenditure of the product itself. A contraction in demand: A f all(prenominal) in the quantity demanded caused by a rise in the price of the product itself. Supply: The willingness and ability to sell a product. Individual cut: Supply of one firm. Market tag on: Total supplement of a product produced by all firms in the industry. An extension in supply: A rise in the quantity supplied caused by a rise in the price of the product itself. A contraction in supply: A fall in the quantity supplied caused by a fall in the price of the product itself. Equilibrium price: The price where demand and supply are equal. Changes in demand: Shifts in the demand wrench. An change magnitude in demand: A rise in demand at any apt(p) price, causing the demand influence to touch to the right. A lessening in demand: A fall in demand at any given price, causing the demand curve to shift to the left. Disposable income: Income after income tax and national restitution contributions have been deducted. Substitute: A product that can be used in place of another.

Complement: A product that is used in conjunction with another product. Ageing community: An increase in the average age of the population. Birth rate: The number of live births per thousand of the population in a year. Changes in supply: It occurs when the conditions facing suppliers alter and shifts the supply curve. An increase in supply: A rise in supply at given price, causing the supply curve to shift to the right. An decrease in supply: A fall in supply at given price, causing the supply curve to shift to the left. Unit cost : The average cost of production. It is undercoat by dividing total cost by output. Improvements in engine room: Advances in the quality of capital goods and methods of production. Tax: A... If you want to vex a full essay, order it on our website: Orderessay

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